Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2014

Quarter III, 2014: Unaudited Financial Results

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2014

 
PART I Rupees in Million
    1 2 3 4 5 6
Sr. No. Particulars THREE MONTHS ENDED YEAR TO DATE FIGURE YEAR ENDED

30-9-2014
(Unaudited)

30-6-2014
(Unaudited)

30-9-2013
(Unaudited)

30-9-2014
(Unaudited)

30-9-2013
(Unaudited)

31-12-2013
(Audited)
1 Income from Operations            
a) Net sales / Income from Operations
(Net of excise duty)
4,063.5 3,880.4 3,680.7 11,920.6 10,018.7 13,926.4
b) Other Operating Income 38.3 37.3 33.0 105.9 67.0 97.7
  Total income from operations (Net) 4,101.8 3,917.7 3,713.7 12,026.5 10,085.73 14,024.1
2 Expenses            
a) Cost of materials consumed 1,606.9 1,584.5 1,256.3 4,640.7 3,631.4 5,036.8
b) Purchase of Stock-in-trade 1,236.4 889.4 1,245.1 3,117.5 3,048.5 4,256.1
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade (402.7) (102.4) (97.1) (449.4) (347.3) (322.0)
d) Employees benefit expense 317.9 337.7 312.7 1,030.4 929.7 1,191.3
e) Depreciation and amortisation expense
125.2 122.9 112.7 368.6 313.7 432.5
f) Other expenses 742.8 572.3 490.1 1,893.5 1,486.0 2,026.0
  Total expenses 3,626.5 3,404.4 3,319.8 10,601.3 9,062.0 12,620.7
3 Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) 475.3 513.3 393.9 1,425.2 1,023.7 1,403.4
4 Other Income 97.1 107.4 152.1 295.4 302.9 458.6
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 572.4 620.7 546.0 1,720.6 1,326.6 1,862.0
6 Finance cost 2.8 2.3 1.6 6.8 5.9 7.6
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 569.6 618.4 544.4 1,713.8 1,320.7 1,854.4
8 Exceptional Items - - - - - -
9 Profit from Ordinary Activities before tax (7-8) 569.6 618.4 544.4 1,713.8 1,320.7 1,854.4
10 Tax expense 194.5 210.7 185.5 584.2 451.5 636.1
11 Net Profit from Ordinary Activities after tax (9-10) 375.1 407.7 358.9 1,129.6 869.2 1,218.3
12 Extraordinary Items (Net of tax expense) - - - - - -
13 Net Profit for the period (11-12) 375.1 407.7 358.9 1,129.6 869.2 1,218.3
14 Paid-up equity share capital
(Face value of Rs.10/- per share)
166.2 166.2 166.2 166.2 166.2 166.2
15 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year - - - - - 9,708.9
16i Earnings per share (before extraordinary items)
(of Rs. 10 each) (not annualised)
           
a) Basic 22.57 24.53 21.59 67.97 52.29 73.32
b) Diluted 22.57 24.53 21.59 67.97 52.29 73.32
16ii Earnings per share (After extraordinary items)
(of Rs. 10 each) (not annualised)
           
a) Basic 22.57 24.53 21.59 67.97 52.29 73.32
b) Diluted 22.57 24.53 21.59 67.97 52.29 73.32
 
PART II
SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2014
    1 2 3 4 5 6
Sr. No. Particulars THREE MONTHS ENDED YEAR TO DATE FIGURE YEAR ENDED

30-9-2014
(Unaudited)

30-6-2014
(Unaudited)

30-9-2013
(Unaudited)

30-9-2014
(Unaudited)

30-9-2013
(Unaudited)

31-12-2014
(Audited)
A PARTICULARS OF SHAREHOLDING            
1 Public Shareholding            
- Number of shares 8088087 8088087 8088087 8088087 8088087 8088087
- Percentage of shareholding 48.7 48.7 48.7 48.7 48.7 48.7
2 Promoters and promoter group Shareholding            
a) Pledged / Encumbered            
- Number of Shares - - - - - -
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) - - - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - - - -
b) Non-encumbered            
- Number of Shares 8529183 8529183 8529183 8529183 8529183 8529183
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100 100 100 100 100 100
- Percentage of shares (as a % of the total share capital of the company) 51.3 51.3 51.3 51.3 51.3 51.3
  Particulars 30-9-2014
3 MONTHS ENDED
B INVESTOR COMPLAINTS      
  Pending at the beginning of the quarter     -
  Received during the quarter     -
  Disposed of during the quarter     -
  Remaining unresolved at the end of the quarter     -
 

Notes:

1) The business of the Company falls under a single primary segment i.e. "Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.

2) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on November 6, 2014

3) The Statutory Auditors have performed a "Limited Review" of the above financial results for the nine months ended September 30, 2014.

4) During the quarter, the Company has adopted and applied the principles of hedge accounting set out in Accounting Standard (AS) 30, ‘Financial Instruments: Recognition and measurement’ issued by ICAI to forward contracts in respect of highly probable transactions or firm commitments which were previously accounted following the principles of prudence as per AS 1. Consequently, the Company has recorded Rs 158.3 million representing mark to mark loss in the Cash flow hedge reserve as at September 30, 2014 resulting in net profit for the quarter being higher to that extent.

5) The figures of the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

 

Per our report attached of even date
B S R & Co. LLP
Chartered Accountants
Firm Reg. No. 101248W / W-100022

Vijay Mathur
Partner
Membership No. 046476

For FAG BEARINGS INDIA LIMITED

Rajendra Anandpara
Managing Director

Place: Mumbai
Date: November 6, 2014